HSBC has reported a 14% drop in profits for the first quarter of 2016. The bank says ‘extreme levels of volatility’ in the financial market earlier this year are to blame. Profit before tax was recorded at £4.17 billion (AED 22.55 billion) from January to March, compared to £7.1 billion (AED 38.40 billion) in the same period last year. Adjusted revenue was at £9.44 billion (AED 51.12 billion), a 4% drop from the same time last year. The lender had earlier said it would freeze salaries and hiring in a bid to cut costs by the end of 2017. Analysts believe HSBC will cut more jobs following the announcement, but said the results could’ve been worse.